Central Pension Fund

For a real pension and real retirement security, come join the International Union of Operating Engineers.

What is the Central Pension Fund?

CPF is a “real” pension plan—one that pays a monthly retirement benefit for life.

CPF was established in 1960 by the International Union of Operating Engineers and union employers nationwide.

CPF is the 4th largest labor-management pension fund in the United States with assets in excess of $11 billion.

CPF receives contributions from 6,500 union employers throughout the United States.

CPF has more than 185,000 active participants and pensioners.

CPF has reciprocity with every IUOE Local Union pension fund in the United States, and four province-wide funds in Canada.

CPF’s benefits are insured to the limits set by the U.S. Pension Benefit Guaranty Corporation.

What Benefits Are Paid By CPF?

Normal Retirement Benefit: Payable at normal retirement age (usually 65). It is a monthly benefit for life.

Early Retirement Benefit: Payable as early as age 55 with 10 years of service. It is equal to the Normal Retirement benefit reduced by 3% per year for years prior to age 65.

Special Retirement Benefit: Payable as early as age 62 with 25 years of service. It is equal to the Normal Retirement benefit without reduction.

Post-Retirement Surviving Spouse Benefit: Payable to the surviving spouse of a deceased retiree for life, at optional levels of 50%, 66-2/3%, 75%, or 100% of what the retiree was receiving. It is equal to the Normal Retirement benefit with reductions because the benefit will be paid over two lifetimes.

Pre-Retirement Surviving Spouse Benefit: Payable at any age to the surviving spouse of a vested participant who dies before retirement. It is a lifetime benefit equal to 50% of the Normal Retirement benefit.

Disability Benefit: Payable at any age with 15 years of service. It is equal to the Early Retirement benefit.